Pacific Community Banking Group

Speaking of mergers--and premiums: Pacific Community Banking Group of Laguna Hills on Thursday agreed to buy two Riverside County banks--Bank of Hemet and Valley Bank in Moreno Valley--and then go public itself. The cash offer for Bank of Hemet is for $58.50 a share, a 20% premium to the stock's recent closing price of $48.88 on the Nasdaq Bulletin Board. The cash offer for Valley Bank is for $12.50 a share, a hefty 49% premium to the bank's recent stock price of $8.

After being unable to attract investors on Wall Street, Pacific Community Banking Group has called off a planned stock offering and canceled plans to buy two Riverside County banks. Pacific Community, based in Laguna Hills, had been trying for several months to raise about $80 million in an initial public offering. But rising interest rates and a hostile market for bank stocks prevented it from attracting investors.

Pacific Community Banking Group of Laguna Hills said it has revised its merger agreements with two Riverside County banks, after declining bank stock values had put the deal on hold. Pacific Community, which plans an initial public offering at the same time as the mergers, said it will pay $51 per share, plus one Pacific Community warrant, for Bank of Hemet in Riverside and $5 in cash and $5 in Pacific Community common stock for Valley Bank in Moreno Valley.

One of Orange County's budding business banks is hoping to raise nearly $70 million in a stock offering later this year. Pacific Community Banking Group, a Laguna Hills-based bank holding company, filed an initial public offering to sell 4.3 million shares of common stock for between $15 and $16 a share, according to documents filed Friday with the Securities and Exchange Commission.

After being unable to attract investors on Wall Street, Pacific Community Banking Group has called off a planned stock offering and canceled plans to buy two Riverside County banks. Pacific Community, based in Laguna Hills, had been trying for several months to raise about $80 million in an initial public offering. But rising interest rates and a hostile market for bank stocks prevented it from attracting investors.

Pacific Community Banking Group, a new bank holding company based in Laguna Hills, said Thursday it has agreed to buy two Riverside County banks for a total of $63.9 million. Pacific is acquiring Bank of Hemet for $49.3 million, or $58.50 a share, and Valley Bank of Moreno Valley for $14.6 million, or $12.50 a share. The purchase price of Bank of Hemet represents a 24% premium over its stock price, which was last bid at $47 a share in over-the-counter trading.

One of Orange County's budding business banks is hoping to raise nearly $70 million in a stock offering later this year. Pacific Community Banking Group, a Laguna Hills-based bank holding company, filed an initial public offering to sell 4.3 million shares of common stock for between $15 and $16 a share, according to documents filed Friday with the Securities and Exchange Commission.

Scott K. Kime has joined Danielian Associates in Irvine as director of production. Kime was previously principal of Mulvanny Architects in Irvine and headed his own firm, S K and Co. in Aliso Viejo. Nanci Nicoli has been appointed director of marketing and communications for VillageFax.com in Tustin. She had been a vice president of the U.S. and Canadian division for Sabre Group Ltd. of Australia. Nicoli has also held marketing positions for Hershey Foods Corp./Friendly Ice Cream Corp.

July 28, 1999 | EDMUND SANDERS, Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com

One of Orange County's newest banks, Newport Beach-based Pacific Mercantile Bank, hopes to raise $9.5 million in an initial public stock offering later this year. The business-oriented bank, which began operations March 1, will sell stock for $13.50 a share, according to a filing with the U.S. Securities and Exchange Commission. The state-chartered institution has about $21 million in assets, but no profits yet due largely to its short history.

Pacific Community Banking Group of Laguna Hills said it has revised its merger agreements with two Riverside County banks, after declining bank stock values had put the deal on hold. Pacific Community, which plans an initial public offering at the same time as the mergers, said it will pay $51 per share, plus one Pacific Community warrant, for Bank of Hemet in Riverside and $5 in cash and $5 in Pacific Community common stock for Valley Bank in Moreno Valley.

Speaking of mergers--and premiums: Pacific Community Banking Group of Laguna Hills on Thursday agreed to buy two Riverside County banks--Bank of Hemet and Valley Bank in Moreno Valley--and then go public itself. The cash offer for Bank of Hemet is for $58.50 a share, a 20% premium to the stock's recent closing price of $48.88 on the Nasdaq Bulletin Board. The cash offer for Valley Bank is for $12.50 a share, a hefty 49% premium to the bank's recent stock price of $8.

Pacific Community Banking Group, a new bank holding company based in Laguna Hills, said Thursday it has agreed to buy two Riverside County banks for a total of $63.9 million. Pacific is acquiring Bank of Hemet for $49.3 million, or $58.50 a share, and Valley Bank of Moreno Valley for $14.6 million, or $12.50 a share. The purchase price of Bank of Hemet represents a 24% premium over its stock price, which was last bid at $47 a share in over-the-counter trading.